APRA’s Income Protection requirements are fast approaching. The APRA requirements become an industry standard from October 2021. We’ve taken the lead in designing our new APRA-styled Income Protection product now. Our new product design responds to guidelines from APRA and the Actuaries Institute.
It’s important to note that until October 2021, you are still able to access our existing AIA Priority Protection Income Protection products in addition to the new Income Protection CORE cover.
We’re bringing this to market now to encourage consultation and feedback and to assist advisers with education and integration of the new Income Protection requirements within protection strategies.
In launching our new product well in advance of the deadline, you can start to understand and consider how the new APRA requirements may impact the way you develop advice strategies for Income Protection in future. In the interim, we are offering both products in parallel to ensure that you have options for your clients and to help with an easier transition next year.
For more information, please get in touch with your AIAA CDM or our Technical team.